Exam 4: Process Costing

Pushkin Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. What are the equivalent units for materials for the month in the first processing department?

Rauls Corporation uses the FIFO method in its process costing. The following data concern the company's Assembly Department for the month of January. Required: Compute the costs per equivalent unit for the Assembly Department for January using the FIFO method.

In December, one of the processing departments at Moshier Corporation had ending work in process inventory of $24,000. During the month, $293,000 of costs were added to production and the cost of units transferred out from the department was $297,000. The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of December.

Under the FIFO method, unit costs would:

Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the beginning work in process inventory.

The following data have been provided by Felux Corporation for the Circuit Prep Department. The company uses the FIFO method in its process costing. Required: Determine the equivalent units of production for the Circuit Prep Department for August using the FIFO method.

In the cost reconciliation report under the FIFO method, the costs to be accounted for equals the cost of beginning work in process inventory plus the cost of units transferred out.

Muzyka Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. What are the equivalent units for materials for the month in the first processing department?

Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consisted of 15,000 units, 100% complete with respect to materials and 40% complete with respect to conversion costs. The total cost of this inventory was $31,000. A total of 40,000 units were transferred out during the month. The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs. The cost of the units completed and transferred out was:

Pushkin Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. The cost per equivalent unit for conversion costs for the first department for the month is closest to:

A major advantage of the FIFO method is that it allows managers to judge the performance of the current period independently of the performance of the prior period.

Pushkin Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. The total cost transferred from the first processing department to the next processing department during the month is closest to:

Qart Corporation uses the FIFO method in its process costing system. Operating data for the Cutting Department for the month of March appear below: According to the company's records, the conversion cost in beginning work in process inventory was $1,656 at the beginning of March. Additional conversion costs of $129,960 were incurred in the department during the month. The cost per equivalent unit for conversion costs for March is closest to:

Information about units processed and processing costs incurred during a recent month in the Refining Department of a manufacturing company follow:

Ozogoz Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. The cost per equivalent unit for materials for the month in the first processing department is closest to:

Muzyka Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

The following data relate to the Blending Department of Tru-Color Paint Corporation for a recent month: All materials are added prior to the beginning of work in the Blending Department. Assuming Tru-Color Paint Corporation uses the FIFO method, the equivalent units for conversion costs would be:

In February, one of the processing departments at Mateus Corporation had beginning work in process inventory of $20,000 and ending work in process inventory of $30,000. During the month, $206,000 of costs were added to production and the cost of units transferred out from the department was $196,000.The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of February.

Ebis Corporation uses the FIFO method in its process costing system. The first processing department, the Welding Department, started the month with 13,000 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $12,610. An additional 89,000 units were started into production during the month. There were 22,000 units in the ending work in process inventory of the Welding Department that were 30% complete with respect to conversion costs. A total of $806,085 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to:

The following data relate to the Blending Department of Tru-Color Paint Corporation for a recent month: All materials are added prior to the beginning of work in the Blending Department. Assuming that Tru-Color Paint Corporation uses the weighted-average method, the equivalent units for materials would be: